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The E-Sylum: Volume 23, Number 26, June 28, 2020, Article 12

CORONAVIRUS UPDATES: JUNE 28, 2020

Here's the latest compilation of coronavirus updates from readers, organizations and companies. -Editor

Mint Response on Coin Shortage (June 22, 2020)

Lou Golino published an article on Coin Update about the coin shortage the country is facing. See the complete article online. Here's an excerpt of a quote from U.S. Mint Director David Ryder. The article also touches on the issue of digital currencies. -Editor

"As always, and especially during this challenging time, the Mint is committed to supporting our Nation's economy and commerce through the production of circulating coinage.

"In normal circumstances, retail transactions and coin recyclers return a significant amount of coins to circulation on a daily basis. However, the precautions taken to slow the spread of the virus have reduced retail sales activity and significantly decreased deposits from third-party coin processors, resulting in increased orders for newly minted coins produced by the United States Mint (Mint).

"Throughout the public health challenge, the Mint has continued to meet its essential mission of manufacturing coins to facilitate national commerce. At the same time, the Mint continues to take all appropriate steps to safeguard the health and safety of our workforce."

To read the complete article, see:
Pandemic and shutdowns result in circulating coinage shortage with effects on the economy, coin collecting, and the future of money (http://news.coinupdate.com/pandemic-and-shutdowns-result-in-circulating-coinage-shortage-with-effects-on-the-economy-coin-collecting-and-the-future-of-money/)

U.S. Coin Shortage Hits Grocers Hard
Jeremy Schneider writes:

"I'm sure you've received a glut of reports on the impact of the coin shortage; but I thought this was interesting since it was noted from the National Grocers Association. The impact is felt especially hard as it relates to those businesses that rely heavily on cash transactions and the lower income."

coin jar The NGA said cash is used more frequently among low-income earners who may not have access to a full range of banking services. About 43% of payments are made in cash by people with incomes under $25,000, and these consumers are the ones most at risk of having their purchases disrupted because of the coin shortage.

A bank manager told NPR that convenience stores and grocery stores that still operate with cash will have to make changes to their operations.

Though the rationing of coin distribution is expected to be temporary, NGA and the other organizations said this is already an emergency situation for member businesses.

To read the complete article, see:
U.S. coin shortage hits grocers hard (https://www.grocerydive.com/news/us-coin-shortage-hits-grocers-hard/580476/)

In Wichita, KS a local chain is actively buying coins from its customers. Here's an article and local TV video report. -Editor

We will buy your coins sign If you have any extra pocket change, QuikTrip is asking you to bring it to one of its stores to help out.

"I brought them, and they took them," said Tommy Miller, QuikTrip customer.

Miller did not hesitate to trade in his piggy bank full of pennies for cash at a Wichita QuikTrip

"Man I got a bunch of pennies. I've been finding all over the place because people throw pennies everywhere," said Miller.

The store is buying back quarters, dimes, nickels, and pennies to help with the shortage of coins.

To read the complete article, see:
Cash for coins: QuikTrip will take your pocket change (https://www.ksn.com/news/local/cash-for-coins-quiktrip-will-buy-your-pocket-change/)

To read the earlier E-Sylum article, see:
THE COVID-19 COIN SHORTAGE (https://www.coinbooks.org/v23/esylum_v23n25a11.html)

David Kahn Rare Coins (June 22, 2020)
In a customer email DKRC writes:

David Kahn Rare Coins logo "Finally, the ANA has made an official announcement about August's World's Fair of Money. The show is officially "postponed", though it is not clear what that really means, other than the ANA is in the process of exploring alternative dates and locations. All we know for certain at this moment is that there will not be a big show in Pittsburgh this summer. This, I think, is an excellent decision. Aside from the significant health concerns, the prospect of holding a show where perhaps only 20% of the dealers could be in the room together at one time - without a single customer! - is an absolute non-starter. I think we simply have to get used to the idea that the next big show on the horizon might be FUN in January. Maybe.

For 3+ months, our supply chain has been severely impacted. Most of our coins come from smaller shows and shops all over the country, and the last show or shop I've been to out of my immediate home area was on March 8th in Danbury, CT. Until a few days ago, that is. I took a crazy, 22 hour road trip last week, and visited 4 shops in VA, TN, and NC, then high-tailed it home with newps in tow! I am not yet ready to be out for multiple days, primarily because I'm not yet ready to stay in a hotel, but a very long day like that proved to be both manageable and productive. Though the whole experience added just one more layer of oddity...I haven't seen these "regular stop" folks for an extended period of time, yet because they had been closed for at least some of that time, they didn't have their usual quantities and assortments of coins. Still, there was enough to make it worthwhile.

"The retail sales market remains very, very active. Good quality, original, appealing collector coins do not hang around for long...if they are realistically priced. Website sales are excellent, and sales on ebay continue to set records, almost every week. It seems that collectors are having no problem shifting to on-line coin buying, though having confidence in the seller is of primary importance. Those on-line sellers with established relationships and reputations, as well as those who provide excellent photos and honest descriptions, seem to be doing quite well. And when retail is good, then it follows that wholesale will be good as well. That is certainly true for DKRC. Our biggest issue is replacing the great coins we're selling.

"There is hope though. As noted, I bought some coins last week. I am planning another, similar trip to a different area this week. We have built-up a little bit of inventory that is in the grading process at PCGS, and have started sending coins to CAC again. And, we've been the beneficiaries of several good customers selling us some great material. All is not back to normal, but our supply chain is improving, and trending in the right direction. It feels like we're finally making progress towards getting over this huge hump."

To check out DKRC online stock, see:
https://www.davidkahnrarecoins.com/

To read the earlier E-Sylum article, see:
CORONAVIRUS UPDATES: JUNE 21, 2020 (https://www.coinbooks.org/v23/esylum_v23n25a13.html)

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Wayne Homren, Editor

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The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org.

To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@gmail.com

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